Bangor Hydro granted temporary rate increase.BANGOR, Maine--(BUSINESS WIRE)--June 24, 1997--The Maine Public Utilities Commission (MPUC MPUC Maine Public Utilities Commission MPUC Minnesota Public Utilities Commission MPUC Mission Planning Users Conference ) has granted Bangor Hydro a portion of the temporary rate increase the company sought. Bangor Hydro was seeking an immediate adjustment due to the company's financial condition and to the uncertainties created by the extended outage out·age n. 1. A quantity or portion of something lacking after delivery or storage. 2. A temporary suspension of operation, especially of electric power. at Maine Yankee, a nuclear power plant in which the company has a 7 percent interest. Still pending before the MPUC is Bangor Hydro's request for a general rate increase under the usual MPUC procedures. The MPUC authorized an increase of about one-half the amount the company had sought. The increase would produce additional annual revenue of approximately $5 million, which is about 3.8 percent. The MPUC action, to take effect around July 1, 1997, will amount in an increase of $2.43 a month for the typical 500 KWH kWh or kW-hr abbr. kilowatt-hour kWh kilowatt-hour residential monthly bill. This will be Bangor Hydro's first rate increase since early 1994. In authorizing the increase, the MPUC will order the change to be implemented in a way that ensures there will be no increase in company earnings, and therefore no benefit for stockholders. This will be accomplished by accelerating the paydown of one or more of the company's existing obligations. In essence, this means the revenues will be used to pay existing obligations that the company and customers are already obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to pay, but on a somewhat faster schedule. The temporary increase will be applied to general tariffs, but will not be applied to negotiated contracts or the electric heat rate because those prices are based upon the competitive market for customers with alternatives. Bangor Hydro's request for a general rate increase is still pending before the MPUC and will not be completed until early 1998. It is expected the order in this temporary case will be taken into account in the pending case. Bangor Hydro is the second largest electric utility in Maine. It serves a population of about 192,000 in an area encompassing approximately 5,200 square miles in eastern and east coastal Maine. The company is a member of the New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. Power Pool and is interconnected with other New England utilities to the south and with the New Brunswick New Brunswick, province, Canada New Brunswick, province (2001 pop. 729,498), 28,345 sq mi (73,433 sq km), including 519 sq mi (1,345 sq km) of water surface, E Canada. Power Corp. to the north. CONTACT: Bangor Hydro Bill Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. 207/990-6935 |
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